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Gold seems poised to reclaim the $1,800 mark, which coincides with a technically significant 200-day SMA. This, in turn, should act as a pivotal point for the next leg of a directional move for spot prices. The continuation of the recovery looks the most likely scenario in the very near term. Against that, a close above the always relevant 200-day SMA, today at 1.0427, should spark further gains in the short-term horizon. On Asian hours, Japan reported that GDP contracted unexpectedly by 0.3% during the third quarter. In a nutshell, this is why policymakers are worried about removing stimulus too soon.

  • It is interesting to point out that — as Bitcoin has an uncertain legal status and is sometimes considered to be a good or asset and not a currency — forex trading with Bitcoin is in an unstable position.
  • Generally speaking, positive earnings growth anticipates positive for the GBP, whereas a low reading is seen as negative .
  • Our team explain the price movements of the global markets, giving you the in-depth knowledge you need to place your next trade with confidence.
  • Also, the Producer Price Index for the same period expanded by 8% on an annual pace, below the 8.3% estimated, as shown by a US Department of Labor survey.
  • These currencies tend to attract capital during times of turmoil and see outflows when the financial markets settle down.

At the time of writing, the race to the Senate is close yet Republicans lead the race to the house during the mid-term elections. US CPI for October came out much weaker than expected at 7.7% YoY vs an expectation of 8.0% YoY and a September reading of 8.2% YoY. Get expert reaction to latest market news and seize potential opportunities. The November preliminary reading of the Michigan Forex news Consumer Sentiment Index was 54.7 vs an expectation of 59.5 and an October reading of 59.9. Stocks point to a softer open after hawkish comments from Fed Governor Christopher Waller remind the market that inflation is still high and that there is still work to be done. US stocks jump after PPI falls by more than expected to 8% YoY, fueling bets of a less aggressive Fed.

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Positivity continues to help risk and hurt US dollarWe’ve seen a positive feedback loop develop over the last few days after the weaker than expected US inflation figures gave a huge and historic boos… In a welcome development for financial markets, the annual inflation rate in the United States slowed to 7.7% in October, the lowest level since January. We show you the best graphs so you can have a complete analysis of all the markets. You can also follow live cryptocurrency prices measured against different currencies and other cryptos on our live rates tab. Besides, you can read, filter and digest every Forex news piece and receive notifications in real-time to be informed when new macroeconomic data and events are released.

Mitigate against forex trading risk with our range of stop and limit orders, and keep an eye on forex prices with customisable alerts. Equity markets are on course to end the week on a positive after Thursday’s US inflation report gave… Yesterday, the Bureau of Labor Statistics released a higher-than-expected Producer Price Index with 0.2% m/m growth in September, meaning producers are still raising prices for goods and services. Every journey starts with a single step and this is true of trend reversals as well.

JPY remains best placed to outperform if peak inflation here

By Skerdian Meta, Lead AnalystBitcoin has recovered over $1,500 and is now trading at $17,500. BTC failed to break through the $18,000 resistance and began a new slump. US After a round of soft inflation data triggered a buy-everything relief rally, Wall Street will… It’s been quite a choppy start to the trading DotBig LTD week, with much of the focus on China where Covid rela… After a huge rally last week, the Japanese yen has reversed directions today. Oil treading water Oil prices are basically flat on Tuesday, sitting a little below the middle of t… The British pound has reversed directions on Tuesday and posted sharp gains.

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However, the policymakers are already conveyed their easy-money policy during the times when the major central banks were rushing towards higher rates. Hence, today’s Japanese GDP numbers, even if provide a positive surprise, might not be able to renew the Japanese Yen’s strength unless being extremely high. The Reserve Bank of Australia’s November monetary policy meeting minutes would be revealed after the Central Bank lifted the Overnight Cash Rate 25 bps to 2.85%. Some analysts expect that the RBA will return to a faster pace of tightening after September’s inflation report increased by 7.3%. However, the RBA upgraded its inflation forecast, and now they see inflation at around 8%. Elsewhere, the recent rebound in the US Treasury yields and the market’s cautious optimism, emanating from hopes of easy rate hikes from the key central banks, keep the GBPJPY buyers hopeful.

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